PLEASE recommend me some mortgage advice!

iamana1ias

bruffyboy wrote: »

OK well father has just raised an interesting point- if he was to give me the deposit could I pay him back out of the mortgage? Let me give you some numbers to make it make sense:

The house I want to buy is £80,000. It would require another £30,000 to get it up to scratch. If I get a mortgage for £110,000 would the money simply go into my bank for me to spend as I like? so could I give dad his £15000 back as Soon as I had the mortgage?

Also, do you have to show how you will spend the money, or will they simply OK the amount as long as my earnings are acceptable?

Thanks again

:wall::wall::wall::wall::wall:

Where have you been for the last 2/3 years?!

Max mortgage on a £80k house would be £72k. No-one will lend you £110k on an £80k house, nor will they be interested in lending to you if you can't be bothered to save towards it.

bruffyboy

Where have I been for the last 2/3 years? In the rental market, not looking at buying!

OK thanks for that.

iamana1ias

bruffyboy wrote: »

Where have I been for the last 2/3 years? In the rental market, not looking at buying!

OK thanks for that.

With no TV/newspapers/internet?

Thrugelmir

bruffyboy wrote: »

Where have I been for the last 2/3 years? In the rental market, not looking at buying!

OK thanks for that.

If you wish to maintain your lifestyle then continue renting.

Purchasing a property is one of the most expensive financial transactions you'll ever make. So do it on a sound footing. As if you don't then you could end up losing the lot.